Hive Blockchain Posts Record Revenue in Q2 on Higher Crypto Prices
The crypto miner’s fiscal Q2 earnings per share rose 433% from the same quarter last year.
Nov 16, 2021 at 1:32 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/23ACMSGCVZEKRHOMWPSRWRYONU.jpeg)
Network cables connected to bitcoin mining rigs (Andrey Rudakov/Bloomberg via Getty Images)
Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Canadian crypto miner Hive Blockchain reported record revenue of US$52.6 million in its fiscal second quarter, up 305% from the same period last year, according to a statement.
- The company said the increase in revenue was mainly due to a rise in cryptocurrency prices, the increased production of bitcoin as a result of Hive’s purchase of Quebec and Atlantic facilities and the acquisition of miners for those facilities.
- The gross mining margin was 86% in the fiscal second quarter, compared to 71% in the same period last year.
- Second-quarter earnings per share rose 433%, to 16 cents (U.S.) versus 3 cents last year, mainly due to the improvement in gross mining margin, higher cryptocurrency prices, gains on the sale of digital currencies, and foreign exchange.
- The miner said that at quarter end it held 1,116 bitcoin, worth US$48.4 million and 25,154 ether, worth $74.7 million.
- Hive said it is nearing completion of its two data centers in New Brunswick, Canada.
- The shares of the miner were down 4.7% in early U.S. trading as prices for bitcoin and ether tumbled more than 5% on Tuesday.
- Hive is hosting a conference call at 9:30 a.m. ET. CoinDesk will update this story with any pertinent information from the call.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
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